Author Topic: Sequestration (Bankrutcy Scotland)  (Read 2763 times)

alvis5

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Sequestration (Bankrutcy Scotland)
« on: Sep 19, 2010, 04:57:29 PM »
Hi i was recently sequestrated, without my knowledge, 2nd Sept and have received a letter from an insolvency practice informing me of their appointment as trustee of my estate and advising that i maust attend a meeting with them to discuss my obligations and rights.
 
I replied to the letter by e mail, infotming them i was not aware of my sequestration as i have never received court papers in relation to the matter, i requested evidence of this and was given an the address of a property in which i own, however do not live at and never have, and this is where the court papers were served, funnily enough the letter from the trustee was sent to my home address to which i questioned, i was told it did not matter as i am now Bankrupt and have to comply. I have been given form to complete regarding assets and liabilities, i jointly own 3 properties in total, however my business collapsed in the recession, i am getting divorced, and i have had to sign on the dole as i do not have an income, how does this sequestration affect the joint owner of the properties, who is my ex wife, can any one help please, i have a meeting wit the trustee on Tuesday, and i need to complete these forms, do i have to list  bank accounts etc?

Steven Jackson

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Re: Sequestration (Bankrutcy Scotland)
« Reply #1 on: Sep 20, 2010, 05:09:34 PM »
Hi Alvis5
 
The bottom line is that if you have been sequestrated, then the court will taken over your title of any properties you own and will be at liberty to sell them to release any equity to pay for your debts. If the properties are in joint names, then 50% of the equity when the houses are sold will be give to the joint owner.
 
In terms of completing the forms, you will need to disclose all of your financial circumstances including any personal current and savings accounts and any other financial products that you have.
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alvis5

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Re: Sequestration (Bankrutcy Scotland)
« Reply #2 on: Sep 20, 2010, 08:45:34 PM »
Thanks for that Steve, I thought as much, well heres hoping, ive got to go an meet the liquidator 2mro at 10am, sign my life away.

Steven Jackson

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Re: Sequestration (Bankrutcy Scotland)
« Reply #3 on: Sep 21, 2010, 04:54:27 PM »
Hi Alvis5. I hope your meeting with the trustee went OK today. I would be interested to hear how you got on if you have a moment to post.
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alvis5

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Re: Sequestration (Bankrutcy Scotland)
« Reply #4 on: Sep 21, 2010, 08:00:31 PM »
Hi Steve
 
Well, i think it all went ok, i am quite relieved actually, they were very helpfull. I have to get my properties valued and they will assess from there how to address repayment to the creditors, i have been assured that they can only take what i own and cannot touch the joint owners share of any sale proceeds, they confirmed that as long as i comply with them, that i will be discharged next year.
 
They have asked for details of all creditors, mortgage accounts etc and they will write to them, they also have to post a notice in the gazzette.
 
I will keep you and other members informed of progress and my experiences if it can maybe go someway to help another. Thank again

Steven Jackson

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Re: Sequestration (Bankrutcy Scotland)
« Reply #5 on: Sep 22, 2010, 03:50:12 PM »
Hi Alvis5
 
Its a pleasure to have been of help. It sounds as though you had a very positive meeting. You certainly do not have to worry about any joint owners of your properties. If the properties are sold, their equity will remain protected and given to them. Discharge within a year also sounds standard.
 
Please keep us up to date as I will be very interested to hear how you get on. :)
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